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In reviewing investment sales activity in New Jersey in 2011, it's glaringly apparent that although numerous deals occurred throughout the state, two cities have dominated the headlines. Most notable is Jersey City, which accounted for both the largest apartment and office sales.

Specifically, the sale of Liberty Towers (648 units) for $280 million ($432,000 per unit) in January to JPMorgan got the year off to a quick start. This was followed by several large office sales, the first being 70 and 90 Hudson St. (827,000 square feet) trading for $310 million ($375 per square foot) in April to CBREI Trust from Hartz Mountain. This sale was followed by 2 Journal Sq., which traded in August for $78 million from Hartz Mountain to Gaia Real Estate. Two months later, the 1.1-million-square-foot Newport Tower/525 Washington Blvd. traded for $377.5 million from Brookfield to MEPT. And most recently, the 700,000-square-foot 10 Exchange Pl. has been sold to Manulife for approximately $285.6 million.

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